The accounting practices adopted in Brazil include those provided for in Brazilian corporations law and the Pronouncements, Guidelines and Interpretations of the Accounting Pronouncement Committee (CPC), as approved by the Securities and Exchange Commission of Brazil (CVM). Until December 31, 2013, these practices differed from IFRS for the separate financial statements, as they required accounting for investments in subsidiaries, associates and joint ventures though the equity method, while IFRS standards required them to be measured at cost or fair value.